Energy giants Chevron, Shell and ExxonMobil on Monday agreed to develop Australia's massive Gorgon field, giving the final go-ahead to a liquefied natural gas project underpinned by supply contracts with India, China, Japan and South Korea. The project is expected to begin production in 2014.

Gorgon, the world's largest LNG plant, will be built on Barrow Island, a nature reserve about 70 km off Western Australia. The Australian government approved the project last month after imposing strict environmental conditions.